What Is the Difference Between a Bar Chart and a Histogram

question 45

Multiple Choice

What is the difference between a bar chart and a histogram?

• A)They can both be used to represent numerical data.
• B)They can both be used to represent categorical data.
• C)A bar chart represents numerical data and a histogram represents categorical data.
• D)A bar chart represents categorical data and a histogram represents numerical data.

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Definitions:

Increasing-cost Industry

An industry in which production costs increase as output expands, often due to scarce resources or rising input prices.

Long-run Equilibrium

The condition in which all factors of production can be adjusted, leading to a situation where no firm in the industry wishes to change its output.

Market Price

The current value at which an asset or service can be bought or sold in an open market.

Economies of Scale

The economic benefits that businesses gain from their size of operations, where the expense per unit of production typically lowers as the scale increases.